Reinsurance in Managing Catastrophe and Financial Risk in the Polish Market During the Years 2010-2014

Andrzej Grzebieniak

Department of Social Policy and Insurance, University of Warmia and Mazury in Olsztyn


Resumen

Reinsurance plays an important role in managing the risk in an insurance company. Its crucial importance is especially visible in the situation when there is a growth of catastrophic and financial risks on the market. Such a situation has occurred in the Polish market since 2010. In order to achieve financial stabilisation, insurance companies apply reinsurance more frequently so they cede the risk on the reinsurer together with an appropriate part of the premium for the given risk. Catastrophic risk includes, among others, the following groups of insurance: class II- 5, 8, 9, 11 and financial risk in groups 14 and 15. In those insurance groups, the range of reinsurance applied (measured with a percentage of premium given to reinsurers by insurance companies and the percentage of damages received from them in relation to total paid out compensations) was the highest in the analyzed period of time. Research confirmed the hypothesis that together with the growth of catastrophic and financial threats in the Polish economy the range of reinsurance applied in insuring those risks also increases. 


Palabras clave:

reinsurance, financial insurance, catastrophe insurance


Aircraft Accident Rate is Lowest in History - Still Room for Improvement, Regional Concerns Remain. 2011. IATA, Press Release, 10.

Gąsiorkiewicz L. 2014. Zarządzanie gospodarką finansową zakładów ubezpieczeń. Ujęcie procesowe. Poltext, Warszawa.

Gastel R. 2004. Reinsurance. Fundamentals and New Challenges. Insurance Information Institute, New York.

Green Paper on the Insurance of Natural and Man-made Disasters. 2013. Access to European Union law 52013DC0213, CoM/2013/0213 final, Luksemburg.

Katastrophenvorsorge-Arbeitskonzept. 2002. Ed. В. Hoffmann. Deutsche Gesellschaft fur Technische Zusammenarbeit, Eschborn.

Kopaliński W. 2000. Słownik wyrazów obcych i zwrotów obcojęzycznych. MUZA SA, Warszawa.

Małek A. 2011. Reasekuracja. Klasyczne i alternatywne metody transferu ryzyka ubezpieczeniowego. Poltext, Warszawa.

Pajewska- Kwaśny R., Tomaszewska I. 2013. Prawno-ekonomiczne dylematy wprowadzenia ochrony przed skutkami powodzi na przykładzie ubezpieczeń katastroficznych. Zarzadzanie i Finanse, 2 (5).

PFSA, Polish Financial Supervision Authority, http://www.knf.gov.pl/index.html (access: 1.10.2015).

Podstawy ubezpieczeń. 2000. Ed. J. Monkiewicz. Tom 1. Mechanizmy i funkcje. Poltext, Warszawa.

Polish Reasurance Company, http://www.polishre.com (access: 1.10.2015).

Ronka-Chmielowiec W. 2010. Reasekuracja w działalności przedsiębiorstwa ubezpieczeniowego. In: Ubezpieczenia. Eds. J. Handschke, J. Monkiewicz. Poltext, Warszawa.

The Ministry of Agriculture and Rural Development, http://www.minrol.gov.pl/ (access: 1.10.2015).

The Ministry of Internal Affairs and Administration, http://www.mswia.gov.pl/ (access: 4.06.2011).

Ustawa z 18 kwietnia 2002 r. o stanie klęski żywiołowej, DzU z 2002 r., nr 62, poz. 558

White Paper: European Transport Policy for 2010; time to decide. 2001. COM 370 final, Luksemburg.

Publicado
2015-11-30

##plugins.themes.libcom.cytowania##

Grzebieniak, A. (2015). Reinsurance in Managing Catastrophe and Financial Risk in the Polish Market During the Years 2010-2014. Olsztyn Economic Journal, 10(3), 263–274. https://doi.org/10.31648/oej.3151

Andrzej Grzebieniak 
Department of Social Policy and Insurance, University of Warmia and Mazury in Olsztyn



Licencia

An Author declares that his paper has not been published before (under the same or another title, or is a part of another publication) and does not infringe copyrights of other persons**. At the same time, the Author transfers to the Publisher the exclusive right to publish and to circulate this work in print in the form of a non-serial journal publication and in a form of an electronic publication.

Author's statement

The journal is available on Creative Common license CC-BY-NC-ND